Pbb lends to Schroders’ Nordic fund

Pbb Deutsche Pfandbriefbank has provided a €29 million loan to refinance a Finnish office property owned by asset manager Schroders.

The medium-term loan has been written to Schroder Nordic Real Estate Fund to refinance a 24,000 square metres office building in central Helsinki. The asset is located in the Sörnäinen prime office district of the Finnish capital.

The largest tenant in the building is the City of Helsinki. The deal closed in May, pbb said.

“The loan will contribute towards the continued growth of our Schroder Nordic Real Estate Fund, which now has assets of over €320 million across Sweden and Finland,” said Andrew MacDonald, head of real estate finance at Schroders.

Pbb has been active in the Nordic markets in recent weeks. Earlier this month, it announced that it had provided €36.5 million to Alma Property Partners to finance the acquisition of four office buildings in the Keilaniemi office area of Finland’s second city, Espoo.

Also earlier this month, pbb announced that it provided a SEK 410 million (€43 million) loan to recently launched Swedish investor Logistea to finance its first deal. The medium-term facility funds the acquisition of a 42,000 square metres logistics and office property located in the Swedish town of Landskrona, which closed in March. Logistea was established with the backing of Catella Corporate Finance.

In May, the bank announced a SEK 985 million (€103 million) investment facility to listed property vehicle Bråviken Logistik, to support the acquisition of a 139,000 square metres Swedish logistics portfolio. The sponsor was recently set up by Pareto Securities, an independent investment bank.